Bank of America CEO Brian Moynihan announced the bank’s work on stablecoins, expecting to move forward without a specified timeline. The second-largest U.S. bank is still gauging client demand and potential partnerships for the cryptocurrency pegged to fiat currencies like the U.S. dollar.

President Trump pledged to support crypto use in the U.S., while Morgan Stanley is evaluating stablecoin options. CFO Sharon Yeshaya stated they are closely monitoring developments and discussing potential uses for their client base. It remains uncertain how a stablecoin would fit into their business model compared to competitors.

Read more at Yahoo Finance: Bank of America expects to launch stablecoins as Morgan Stanley weighs use